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Read the following passage and answer the question as directed.The Rajya Sabha on 12thDecember, 2019 passed the {X} Authority Bill, 2019 towards setting up a unified authority to regulate all financial services in {X} in the country.The {X} cater to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. The first such centre in India has been set up at GIFT City in Gujarats Gandhinagar. {X} can be set up in an SEZ or as an SEZ after approval from the Centre.{X} would also provide Indian companies easier access to global financial markets and also enable the development of financial markets in India."In a path breaking reform, both Houses pass {X} Authority Bill, 2019. It will set up world class unified regulator for international financial services combining powers and functions of RBI, {Y}, IRDAI And PFRDA", economic affairs secretary Atanu Chakraborty said in a tweet.According to the Bill, the authority comprise a chairperson, and one member each nominated by the Reserve Bank of India (RBI), {Y}, the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA). There will also be two members from the central government and full-time or part-time members.Apart from regulating all financial services and products, the authority can also recommend any other financial products to the central government.Currently, the banking, capital markets and insurance sectors in {X} are regulated by multiple regulators such as RBI, {Y} and IRDAI."The dynamic nature of business in the {X} necessitates a high degree of inter-regulatory coordination. It also requires regular clarifications and frequent amendments in the existing regulations governing financial activities in {X}. The development of financial services and products in {X} would require focused and dedicated regulatory interventions. Hence, a need is felt for having a unified financial regulator for {X} in India to provide world class regulatory environment to financial market participants," the government said earlier.Q.Consider the following statements and choose the correct option.Statement I: The Bill, stated in the above passage, will apply to all {X} set up under the Special Economic Zones Act, 2005.Statement II: The Insurance Regulatory and Development Authority of India is headquartered at Mumbai, India.a)Both Statement I and Statement II are correct.b)Both Statement I and Statement II are incorrect.c)Statement I is correct and Statement II is incorrect.d)Statement I is incorrect and Statement II is correct.Correct answer is option 'C'. Can you explain this answer? for CLAT 2024 is part of CLAT preparation. The Question and answers have been prepared according to the CLAT exam syllabus. Information about Read the following passage and answer the question as directed.The Rajya Sabha on 12thDecember, 2019 passed the {X} Authority Bill, 2019 towards setting up a unified authority to regulate all financial services in {X} in the country.The {X} cater to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. The first such centre in India has been set up at GIFT City in Gujarats Gandhinagar. {X} can be set up in an SEZ or as an SEZ after approval from the Centre.{X} would also provide Indian companies easier access to global financial markets and also enable the development of financial markets in India."In a path breaking reform, both Houses pass {X} Authority Bill, 2019. It will set up world class unified regulator for international financial services combining powers and functions of RBI, {Y}, IRDAI And PFRDA", economic affairs secretary Atanu Chakraborty said in a tweet.According to the Bill, the authority comprise a chairperson, and one member each nominated by the Reserve Bank of India (RBI), {Y}, the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA). There will also be two members from the central government and full-time or part-time members.Apart from regulating all financial services and products, the authority can also recommend any other financial products to the central government.Currently, the banking, capital markets and insurance sectors in {X} are regulated by multiple regulators such as RBI, {Y} and IRDAI."The dynamic nature of business in the {X} necessitates a high degree of inter-regulatory coordination. It also requires regular clarifications and frequent amendments in the existing regulations governing financial activities in {X}. The development of financial services and products in {X} would require focused and dedicated regulatory interventions. Hence, a need is felt for having a unified financial regulator for {X} in India to provide world class regulatory environment to financial market participants," the government said earlier.Q.Consider the following statements and choose the correct option.Statement I: The Bill, stated in the above passage, will apply to all {X} set up under the Special Economic Zones Act, 2005.Statement II: The Insurance Regulatory and Development Authority of India is headquartered at Mumbai, India.a)Both Statement I and Statement II are correct.b)Both Statement I and Statement II are incorrect.c)Statement I is correct and Statement II is incorrect.d)Statement I is incorrect and Statement II is correct.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for CLAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the following passage and answer the question as directed.The Rajya Sabha on 12thDecember, 2019 passed the {X} Authority Bill, 2019 towards setting up a unified authority to regulate all financial services in {X} in the country.The {X} cater to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. The first such centre in India has been set up at GIFT City in Gujarats Gandhinagar. {X} can be set up in an SEZ or as an SEZ after approval from the Centre.{X} would also provide Indian companies easier access to global financial markets and also enable the development of financial markets in India."In a path breaking reform, both Houses pass {X} Authority Bill, 2019. It will set up world class unified regulator for international financial services combining powers and functions of RBI, {Y}, IRDAI And PFRDA", economic affairs secretary Atanu Chakraborty said in a tweet.According to the Bill, the authority comprise a chairperson, and one member each nominated by the Reserve Bank of India (RBI), {Y}, the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA). There will also be two members from the central government and full-time or part-time members.Apart from regulating all financial services and products, the authority can also recommend any other financial products to the central government.Currently, the banking, capital markets and insurance sectors in {X} are regulated by multiple regulators such as RBI, {Y} and IRDAI."The dynamic nature of business in the {X} necessitates a high degree of inter-regulatory coordination. It also requires regular clarifications and frequent amendments in the existing regulations governing financial activities in {X}. The development of financial services and products in {X} would require focused and dedicated regulatory interventions. Hence, a need is felt for having a unified financial regulator for {X} in India to provide world class regulatory environment to financial market participants," the government said earlier.Q.Consider the following statements and choose the correct option.Statement I: The Bill, stated in the above passage, will apply to all {X} set up under the Special Economic Zones Act, 2005.Statement II: The Insurance Regulatory and Development Authority of India is headquartered at Mumbai, India.a)Both Statement I and Statement II are correct.b)Both Statement I and Statement II are incorrect.c)Statement I is correct and Statement II is incorrect.d)Statement I is incorrect and Statement II is correct.Correct answer is option 'C'. Can you explain this answer?.

Solutions for Read the following passage and answer the question as directed.The Rajya Sabha on 12thDecember, 2019 passed the {X} Authority Bill, 2019 towards setting up a unified authority to regulate all financial services in {X} in the country.The {X} cater to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. The first such centre in India has been set up at GIFT City in Gujarats Gandhinagar. {X} can be set up in an SEZ or as an SEZ after approval from the Centre.{X} would also provide Indian companies easier access to global financial markets and also enable the development of financial markets in India."In a path breaking reform, both Houses pass {X} Authority Bill, 2019. It will set up world class unified regulator for international financial services combining powers and functions of RBI, {Y}, IRDAI And PFRDA", economic affairs secretary Atanu Chakraborty said in a tweet.According to the Bill, the authority comprise a chairperson, and one member each nominated by the Reserve Bank of India (RBI), {Y}, the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA). There will also be two members from the central government and full-time or part-time members.Apart from regulating all financial services and products, the authority can also recommend any other financial products to the central government.Currently, the banking, capital markets and insurance sectors in {X} are regulated by multiple regulators such as RBI, {Y} and IRDAI."The dynamic nature of business in the {X} necessitates a high degree of inter-regulatory coordination. It also requires regular clarifications and frequent amendments in the existing regulations governing financial activities in {X}. The development of financial services and products in {X} would require focused and dedicated regulatory interventions. Hence, a need is felt for having a unified financial regulator for {X} in India to provide world class regulatory environment to financial market participants," the government said earlier.Q.Consider the following statements and choose the correct option.Statement I: The Bill, stated in the above passage, will apply to all {X} set up under the Special Economic Zones Act, 2005.Statement II: The Insurance Regulatory and Development Authority of India is headquartered at Mumbai, India.a)Both Statement I and Statement II are correct.b)Both Statement I and Statement II are incorrect.c)Statement I is correct and Statement II is incorrect.d)Statement I is incorrect and Statement II is correct.Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for CLAT. Download more important topics, notes, lectures and mock test series for CLAT Exam by signing up for free.

Here you can find the meaning of Read the following passage and answer the question as directed.The Rajya Sabha on 12thDecember, 2019 passed the {X} Authority Bill, 2019 towards setting up a unified authority to regulate all financial services in {X} in the country.The {X} cater to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. The first such centre in India has been set up at GIFT City in Gujarats Gandhinagar. {X} can be set up in an SEZ or as an SEZ after approval from the Centre.{X} would also provide Indian companies easier access to global financial markets and also enable the development of financial markets in India."In a path breaking reform, both Houses pass {X} Authority Bill, 2019. It will set up world class unified regulator for international financial services combining powers and functions of RBI, {Y}, IRDAI And PFRDA", economic affairs secretary Atanu Chakraborty said in a tweet.According to the Bill, the authority comprise a chairperson, and one member each nominated by the Reserve Bank of India (RBI), {Y}, the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA). There will also be two members from the central government and full-time or part-time members.Apart from regulating all financial services and products, the authority can also recommend any other financial products to the central government.Currently, the banking, capital markets and insurance sectors in {X} are regulated by multiple regulators such as RBI, {Y} and IRDAI."The dynamic nature of business in the {X} necessitates a high degree of inter-regulatory coordination. It also requires regular clarifications and frequent amendments in the existing regulations governing financial activities in {X}. The development of financial services and products in {X} would require focused and dedicated regulatory interventions. Hence, a need is felt for having a unified financial regulator for {X} in India to provide world class regulatory environment to financial market participants," the government said earlier.Q.Consider the following statements and choose the correct option.Statement I: The Bill, stated in the above passage, will apply to all {X} set up under the Special Economic Zones Act, 2005.Statement II: The Insurance Regulatory and Development Authority of India is headquartered at Mumbai, India.a)Both Statement I and Statement II are correct.b)Both Statement I and Statement II are incorrect.c)Statement I is correct and Statement II is incorrect.d)Statement I is incorrect and Statement II is correct.Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Read the following passage and answer the question as directed.The Rajya Sabha on 12thDecember, 2019 passed the {X} Authority Bill, 2019 towards setting up a unified authority to regulate all financial services in {X} in the country.The {X} cater to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. The first such centre in India has been set up at GIFT City in Gujarats Gandhinagar. {X} can be set up in an SEZ or as an SEZ after approval from the Centre.{X} would also provide Indian companies easier access to global financial markets and also enable the development of financial markets in India."In a path breaking reform, both Houses pass {X} Authority Bill, 2019. It will set up world class unified regulator for international financial services combining powers and functions of RBI, {Y}, IRDAI And PFRDA", economic affairs secretary Atanu Chakraborty said in a tweet.According to the Bill, the authority comprise a chairperson, and one member each nominated by the Reserve Bank of India (RBI), {Y}, the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA). There will also be two members from the central government and full-time or part-time members.Apart from regulating all financial services and products, the authority can also recommend any other financial products to the central government.Currently, the banking, capital markets and insurance sectors in {X} are regulated by multiple regulators such as RBI, {Y} and IRDAI."The dynamic nature of business in the {X} necessitates a high degree of inter-regulatory coordination. It also requires regular clarifications and frequent amendments in the existing regulations governing financial activities in {X}. The development of financial services and products in {X} would require focused and dedicated regulatory interventions. Hence, a need is felt for having a unified financial regulator for {X} in India to provide world class regulatory environment to financial market participants," the government said earlier.Q.Consider the following statements and choose the correct option.Statement I: The Bill, stated in the above passage, will apply to all {X} set up under the Special Economic Zones Act, 2005.Statement II: The Insurance Regulatory and Development Authority of India is headquartered at Mumbai, India.a)Both Statement I and Statement II are correct.b)Both Statement I and Statement II are incorrect.c)Statement I is correct and Statement II is incorrect.d)Statement I is incorrect and Statement II is correct.Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Read the following passage and answer the question as directed.The Rajya Sabha on 12thDecember, 2019 passed the {X} Authority Bill, 2019 towards setting up a unified authority to regulate all financial services in {X} in the country.The {X} cater to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. The first such centre in India has been set up at GIFT City in Gujarats Gandhinagar. {X} can be set up in an SEZ or as an SEZ after approval from the Centre.{X} would also provide Indian companies easier access to global financial markets and also enable the development of financial markets in India."In a path breaking reform, both Houses pass {X} Authority Bill, 2019. It will set up world class unified regulator for international financial services combining powers and functions of RBI, {Y}, IRDAI And PFRDA", economic affairs secretary Atanu Chakraborty said in a tweet.According to the Bill, the authority comprise a chairperson, and one member each nominated by the Reserve Bank of India (RBI), {Y}, the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA). There will also be two members from the central government and full-time or part-time members.Apart from regulating all financial services and products, the authority can also recommend any other financial products to the central government.Currently, the banking, capital markets and insurance sectors in {X} are regulated by multiple regulators such as RBI, {Y} and IRDAI."The dynamic nature of business in the {X} necessitates a high degree of inter-regulatory coordination. It also requires regular clarifications and frequent amendments in the existing regulations governing financial activities in {X}. The development of financial services and products in {X} would require focused and dedicated regulatory interventions. Hence, a need is felt for having a unified financial regulator for {X} in India to provide world class regulatory environment to financial market participants," the government said earlier.Q.Consider the following statements and choose the correct option.Statement I: The Bill, stated in the above passage, will apply to all {X} set up under the Special Economic Zones Act, 2005.Statement II: The Insurance Regulatory and Development Authority of India is headquartered at Mumbai, India.a)Both Statement I and Statement II are correct.b)Both Statement I and Statement II are incorrect.c)Statement I is correct and Statement II is incorrect.d)Statement I is incorrect and Statement II is correct.Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Read the following passage and answer the question as directed.The Rajya Sabha on 12thDecember, 2019 passed the {X} Authority Bill, 2019 towards setting up a unified authority to regulate all financial services in {X} in the country.The {X} cater to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. The first such centre in India has been set up at GIFT City in Gujarats Gandhinagar. {X} can be set up in an SEZ or as an SEZ after approval from the Centre.{X} would also provide Indian companies easier access to global financial markets and also enable the development of financial markets in India."In a path breaking reform, both Houses pass {X} Authority Bill, 2019. It will set up world class unified regulator for international financial services combining powers and functions of RBI, {Y}, IRDAI And PFRDA", economic affairs secretary Atanu Chakraborty said in a tweet.According to the Bill, the authority comprise a chairperson, and one member each nominated by the Reserve Bank of India (RBI), {Y}, the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA). There will also be two members from the central government and full-time or part-time members.Apart from regulating all financial services and products, the authority can also recommend any other financial products to the central government.Currently, the banking, capital markets and insurance sectors in {X} are regulated by multiple regulators such as RBI, {Y} and IRDAI."The dynamic nature of business in the {X} necessitates a high degree of inter-regulatory coordination. It also requires regular clarifications and frequent amendments in the existing regulations governing financial activities in {X}. The development of financial services and products in {X} would require focused and dedicated regulatory interventions. Hence, a need is felt for having a unified financial regulator for {X} in India to provide world class regulatory environment to financial market participants," the government said earlier.Q.Consider the following statements and choose the correct option.Statement I: The Bill, stated in the above passage, will apply to all {X} set up under the Special Economic Zones Act, 2005.Statement II: The Insurance Regulatory and Development Authority of India is headquartered at Mumbai, India.a)Both Statement I and Statement II are correct.b)Both Statement I and Statement II are incorrect.c)Statement I is correct and Statement II is incorrect.d)Statement I is incorrect and Statement II is correct.Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Read the following passage and answer the question as directed.The Rajya Sabha on 12thDecember, 2019 passed the {X} Authority Bill, 2019 towards setting up a unified authority to regulate all financial services in {X} in the country.The {X} cater to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. The first such centre in India has been set up at GIFT City in Gujarats Gandhinagar. {X} can be set up in an SEZ or as an SEZ after approval from the Centre.{X} would also provide Indian companies easier access to global financial markets and also enable the development of financial markets in India."In a path breaking reform, both Houses pass {X} Authority Bill, 2019. It will set up world class unified regulator for international financial services combining powers and functions of RBI, {Y}, IRDAI And PFRDA", economic affairs secretary Atanu Chakraborty said in a tweet.According to the Bill, the authority comprise a chairperson, and one member each nominated by the Reserve Bank of India (RBI), {Y}, the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA). There will also be two members from the central government and full-time or part-time members.Apart from regulating all financial services and products, the authority can also recommend any other financial products to the central government.Currently, the banking, capital markets and insurance sectors in {X} are regulated by multiple regulators such as RBI, {Y} and IRDAI."The dynamic nature of business in the {X} necessitates a high degree of inter-regulatory coordination. It also requires regular clarifications and frequent amendments in the existing regulations governing financial activities in {X}. The development of financial services and products in {X} would require focused and dedicated regulatory interventions. Hence, a need is felt for having a unified financial regulator for {X} in India to provide world class regulatory environment to financial market participants," the government said earlier.Q.Consider the following statements and choose the correct option.Statement I: The Bill, stated in the above passage, will apply to all {X} set up under the Special Economic Zones Act, 2005.Statement II: The Insurance Regulatory and Development Authority of India is headquartered at Mumbai, India.a)Both Statement I and Statement II are correct.b)Both Statement I and Statement II are incorrect.c)Statement I is correct and Statement II is incorrect.d)Statement I is incorrect and Statement II is correct.Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice CLAT tests.